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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 11 years, the highest Beneish M-Score of Pampa Energia SA was 2.82. The lowest was -6.61. And the median was -2.89.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Pampa Energia SA for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 1.3895||+||0.528 * -1.7028||+||0.404 * 0.7962||+||0.892 * 1.07||+||0.115 * 1.143|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2965||+||4.679 * -0.1775||-||0.327 * 1.1441|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $234.3 Mil.|
Revenue was 185.2912 + 170.28 + 163.589371429 + 157.287314286 = $676.4 Mil.
Gross Profit was 5.50182857143 + -0.458514285714 + 13.0017142857 + -6.66708571429 = $11.4 Mil.
Total Current Assets was $510.6 Mil.
Total Assets was $1,761.1 Mil.
Property, Plant and Equipment(Net PPE) was $961.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $48.8 Mil.
Selling, General & Admin. Expense(SGA) was $159.9 Mil.
Total Current Liabilities was $734.2 Mil.
Long-Term Debt was $438.5 Mil.
Net Income was 10.9253714286 + 35.3932571429 + -44.5834285714 + -11.2638857143 = $-9.5 Mil.
Non Operating Income was 49.3179428571 + 10.9314285714 + -34.6901714286 + -31.1361142857 = $-5.6 Mil.
Cash Flow from Operations was 114.472 + 53.6099428571 + 57.0868571429 + 83.5262857143 = $308.7 Mil.
|Accounts Receivable was $157.6 Mil.
Revenue was 163.161714286 + 130.156114286 + 159.108342857 + 179.781828571 = $632.2 Mil.
Gross Profit was -2.79965714286 + -8.85485714286 + -11.8019428571 + 5.3488 = $-18.1 Mil.
Total Current Assets was $418.6 Mil.
Total Assets was $1,472.3 Mil.
Property, Plant and Equipment(Net PPE) was $750.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $43.9 Mil.
Selling, General & Admin. Expense(SGA) was $115.3 Mil.
Total Current Liabilities was $554.4 Mil.
Long-Term Debt was $302.4 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(234.297257143 / 676.447885714)||/||(157.591428571 / 632.208)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(-0.458514285714 / 632.208)||/||(5.50182857143 / 676.447885714)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (510.554971429 + 961.791885714) / 1761.12651429)||/||(1 - (418.598971429 + 750.443885714) / 1472.25485714)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(43.8585142857 / (43.8585142857 + 750.443885714))||/||(48.8201142857 / (48.8201142857 + 961.791885714))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(159.879657143 / 676.447885714)||/||(115.250628571 / 632.208)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((438.475542857 + 734.1984) / 1761.12651429)||/||((302.423085714 + 554.409028571) / 1472.25485714)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-9.52868571429 - -5.57691428571||-||308.695085714)||/||1761.12651429|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Pampa Energia SA has a M-score of -4.48 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Pampa Energia SA Annual Data
Pampa Energia SA Quarterly Data